Priced Range

It is one of the screens that covers a single company. Reading The Options Suite is the introduction. These are option quotes from the previous trading day's close, not live prices. It is market data we observed, not model output. So it is never held back, unlike the screens built from our own models. This screen draws the move sizes those quotes carry for the linked name. They are drawn as a fan from the share price, across every listed expiry date. An expiry date is the date an option contract runs out.

At a glance

An option is a contract to buy or sell shares at a fixed price by a set date. Every option price has a rate of movement built into it. This screen reads that off the quotes and draws it.

• The fan. One bracket per expiry date, spreading out from today's share price. Each bracket has an upper arm and a lower arm.
• The two arms. The upper arm sits at the share price plus the priced up move. The lower arm sits at the share price minus the priced down move.
• The table under the fan. The Priced move tab lists the same priced move, up and down, for every captured expiry date, under the fan.
• The Odds tab. We hold no probability model of our own, so this tab draws the odds the option quotes carry instead. A ladder by strike, with the table under it.
• What the dollar figures mean. Each arm is how big a move option prices treat as ordinary for this share. The chart calls that one standard deviation, the usual name for an ordinary sized move. Bigger moves happen, and the figure changes every night.
• How often the share lands outside. Hover an arm and the screen counts it as odds, in the form "about 1 in N". About 1 in 6 means roughly one time in six the share finishes past that level on that date.
• Why it looks lopsided. The up arm is priced off strikes above the share price, the down arm off strikes below. Strikes are the fixed prices option contracts are written at. The market often prices the two sides differently, so the arms differ in length. The screen draws that difference instead of averaging it away.
• Whose figure it is. Every level comes from option quotes. After each close we copy the chain, the full list of contracts listed on this name. That copy is the capture these panes read. None of it is a view of ours.
• Two readings that get mixed up. An arm has a drawn length, and it has odds you see on hover. They are read at different strikes. Key difference: length = how big an ordinary move is. Odds = how often a move that big happens. They are read off different quotes, so the two do not line up.

What is on screen

The fan is the whole screen, with one bracket per date and a few labels.

• The left to right axis. Dates are not spaced evenly. Near dates get more room, so the early part of the fan stays readable. The fan closes onto the share price at today.
• Heavier and lighter arms. The upper arm is drawn heavier than the lower one, so the two are never a mirrored pair. The weight says which arm is which, not which one is longer.
• Dollar levels. The two far ends of the last expiry's bracket are printed as prices.
• A missing date. A date joins the fan only once the capture has priced both of its arms. An older or incomplete capture may have priced only one, and then the date is left off. It is never drawn at zero width.
• The wider side chip. A short line in the header names which side the quotes price wider at the near expiry.

The wider side chip

It says which arm the quotes price wider today, and stops there. It reads "quotes price the upside wider" or "quotes price the downside wider".

• When it appears. Only when the two arms differ by more than a twentieth of the wider one.
• When it does not appear. Below that gap the two arms are close enough to equal that the difference is just where the listed strikes happen to fall. Naming a side there would be reading noise.
• What it never says. It does not say why one side is priced wider. That would be interpretation, and this suite leaves it out.

Length and odds are two different readings

Hover an arm and the screen states that arm's odds as a plain count, in the form "about 1 in N". You may have seen one standard deviation quoted as about a 68 percent chance. The count here is not that figure, and here is why.

Volatility here means the rate of movement built into an option's price. It differs from strike to strike, and that is what the table is pointing at. Three things follow from that split.

• Different odds on each side. The two arms are read at different strikes, usually at different volatility numbers.
• No total for the band. The two arms' odds are never added up. There is no single figure for the whole band, on purpose. The two tails are not a matched pair.
• If the market is wrong, this is wrong too. These counts restate what quotes carry today. They are the market's figures, restated by us. This guide is the pane's one explainer, reached through About this pane in the pane's header. The pane itself carries no second one. Read the section above before you quote a number from here.

Two tabs on one pane

Tabs above the chart switch between two ways to read the same priced levels. A layout remembers which one you left open. A table of these same expiries used to be a third tab. Since 2026-09-16 it sits under the fan instead, on the Priced move tab. Two tabs now, not three.

Priced move

The chart described above, the fan, plus the table under it. One bracket per expiry, spreading out from today's share price. This is the tab the pane opens on.

The same priced levels also sit as a plain list under the fan, one row per captured expiry date, nearest first. Hover a row and the fan lights that expiry.

• The columns. Expiry, days out and the at the money implied volatility come first. Then the down and up levels in dollars, and the same two moves as percentages. The odds columns follow, when the chain quoted them.
• The odds columns. Blank, not zero, when the chain quoted nothing near that level. The same plain count the fan states on hover.
• One sentence above the table. It states plainly that these are the moves option prices carry, priced at the close, not a forecast.
• Why a table at all. Some readers want the exact numbers in a list they can scan, rather than reading them off a picture.

Odds

The other tab. It reads the odds already inside the option quotes, because we hold no probability model of our own.

• Where the odds come from. Each strike's call delta and put delta from the previous close. A delta is already the quotes' own read of the chance of finishing on one side of that strike.
• The expiry. A menu picks the date. It opens on the one closest to 30 days out, the same date the other tabs use.
• The table. The strikes nearest the share price, up to thirty of them. Each row lists the strike, how far it sits from the share price, and the odds above and below it, as whole percentages.
• Blank strikes. A side prints blank when the chain held no open contracts there, never a zero.
• Two rows above the table. The same priced levels the fan draws for that expiry, each with its odds spelled out as a plain count.
• Why the two odds do not add to 100. Calls and puts are quoted apart, and both already count a small chance of landing right on the strike.

Play forward

A strip under the tabs moves the pane to a later date. Every options pane that shows the chain moves with it.

• On the fan. A marker stands at the date, with a dot on each arm and the two dollar levels printed beside it.
• How a date between two expiries is read. Each leg's size, squared and divided by the share price squared, is its total variance to that expiry. The pane draws a straight line in days between the two expiries around the date, then takes the square root.
• On an expiry. The levels are that expiry's own served levels, exactly.
• Before the first expiry. The first expiry's volatility is held flat.
• The line under the strip. The two levels at the date, and the at the money implied volatility read there the same way.
• On the Odds tab. Moving the strip picks the first expiry on or after the date, since its quotes are the ones a position held to then would use.
• At today. No marker, and the pane is unchanged.

Using it for a decision:

• Where the market prices the stock on an exit date. Set the date to the planned exit and read the two levels. A strike outside them sits beyond one ordinary move as priced.
• Choosing an expiry. Step expiry to expiry and watch the range widen. The step where it outgrows a planned move is the shortest date that covers it. It is a restatement of last night's quotes. A bigger move than the one priced can still happen.

Reading it well

1. Each arm, its own part of the market. The gap between them tells you how calls and puts are priced on this name today. Calls gain value when the share price rises, puts when it falls. It is not a claim about direction.
2. Keep the length and the odds apart. They answer different questions, at different strikes, for the reason above.
3. Treat the wider side chip as a pricing fact, not a signal. It says which side is priced wider today. It deliberately does not say why.
4. A missing date. A date missing from the fan means the capture could not price both of its arms, so we left it out. It is not a zero reading.
5. Pair it with the other options screens. See Options Snapshot for the same near month figures as plain tiles. See Volatility Weather and Volatility Surface for the pricing these dollar levels come from. Common misreadings.
6. Adding the up move and the down move together. The screen never does this. Each arm is priced on its own.
7. Taking an arm's odds as the textbook 68 percent figure. It is not. The odds are read off a different quote from the one that set the arm's length.
8. Reading the wider side chip as bullish or bearish. It says which side is priced wider now. It says nothing about what happens next, or why. Everything on this screen is market data, copied from the previous trading day's option quotes. Nothing here is a forecast. The published books do not include options on single names.

Frequently asked questions

Is the fan Ohey's view of where the share goes? No. Every level is one standard deviation as priced by the options market itself. The chart says so at all times. Why is the fan lopsided instead of even on both sides? The up arm is priced off strikes above the share price, the down arm off strikes below. The market often prices those differently. The screen draws that difference as it is. Is the hover odds figure the same as the arm's length? No. The length is read near the share price. The odds are read again where the arm ends, at a different strike. The section Length and odds are two different readings, above, walks through both. Can I add the up and down numbers into one total range? No. The screen never does this. Each arm is priced on its own, and the two are not calibrated to sum into one figure. What does "quotes price the downside wider" mean? At the near expiry, the market is pricing the down arm noticeably larger than the up arm. It is an observation about today's pricing. The screen does not say why one side is priced wider, because that would be interpretation. Why is an expiry sometimes missing from the fan? A date appears only once the capture has priced both of its arms. An older or incomplete capture may have priced only one. The date is then left off rather than shown as a zero. Does the desk show probabilities? No. We hold no probability model of our own. The Odds tab reads what the option quotes already carry, from each contract's delta.

Related panes

• Reading The Options Suite. The shared primer: the vocabulary, what the data covers, and the compliance rules every options screen follows.
• Options Snapshot. The same near month move sizes, shown as simple tiles.
• Volatility Weather. The volatility curve across expiries that these dollar levels come from.
• Volatility Surface. The same pricing spread across strikes as well as expiries.